Ellex has advised the BTA Baltic Insurance Company on establishing a EUR 120 million Baltic rental housing co-investment vehicle together with Finnish developer YIT. Hannes Snellman advised YIT on the deal.
According to Ellex, BTA is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania, and Estonia.
YIT is a Finnish urban developer and construction company active in Northern Europe. According to Hannes Snellman, "YIT’s share of the co-investment is 30%. ... YIT also agreed on the sale of five rental apartment buildings in Tallinn, Riga, and Vilnius to the co-investment vehicle with a value of EUR 65 million. The parties have agreed that Lumi Capital, an external partner, will be responsible for the operations of the company as well as for the leasing of the apartments."
The Ellex team included Estonia-based Partners Ermo Kosk, Martin Maesalu, and Martin Kaerdi, Counsels Rain Raa and Jaanus Ikla, Senior Associate Sandra Vark, Associate Karin Tartu, and Lawyer Miikael Tuus, Latvia-based Partner Ilga Gudrenika-Krebs, Associate Partner Maris Brizgo, Senior Associates Anete Dimitrovska and Inese Freivalde, and Associates Ineta Kanepe and Kristers Losans, as well as Lithuania-based Partner Olga Petroseviciene and Senior Associate Dominykas Uzkurnys.
Hannes Snellman’s team consisted of Partner Tapio Terakivi, Counsel Toni Malminen, and Senior Associate Tuuli Pikkarainen.